Definition and History of Hedge Funds
Onshore/offshore, performance fees, lock-up periods, effect of size, transparency, performance and measurement. Growth trend; who is investing in hedge funds, who is creating hedge funds?
Investment Case for Investing in Hedge Funds
A real business or marketing hype? Benefits of investing in hedge funds.
Case Study
Case for the Opposition |
The Hedge Fund Food Chain
Managers, prime brokers, custodians, administrators, marketers, capital raisers. Examining the roles and relationships.
The Due Diligence Process
Quantitative, qualitative and operational. What to look for and what to avoid. Obvious mistakes - the trade off between process and experience.
The Sectors and Styles of the Market
Directional, Bi-directional, Relative Asset, (Arbitrage strategies). Covering Global Macros, Long/Short, Market Neutral, Statistical Arbitrage, convertible arbitrage, distressed etc.
Case Study
Categorising Hedge Fund Styles |
Learning from the Past: the Case of Long Term Capital Management
Vision, talent, connections. Greed, overconfidence and lack of discipline. Old friends, new enemies. The risk for the system, the collapse and final rescue.
Single Funds vs Fund of Funds
Single funds vs fund of funds: advantages and disadvantages; characteristics of fund of funds; perspective of pension funds and consultants.
The Asset Allocation Process
Manager selection and monitoring, portfolio selection and monitoring, when to exit managers and sectors, tactical and strategic allocation. Tactical risk management. New ideas and products.
Feedback and Investing
The science of markets: non-linear thinking, new developments in market analysis, trading approach and system.
Dealing with Risks and Returns
Risk measurement and controls; the risk of fraud, error, meltdown, money laundering and what to look for.
Case Study
Delegates build a multi-manager portfolio based on a given set of managers and sectors, and a particular economic scenario. |
Structured Products
Zero-coupon and option structures vs threshold structures; Protected and Guaranteed Hedge Funds. Has demand changed the offer or has the supply side forced new products down the consumer's line? The key points, benefits and costs.
Hedge Fund Indices
CSFB/Tremont, Van Hedge, HFR, MAR. Are they a marketing gimmick or a true measure of performance?
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Excellent coverage. Learnt tons.
Tarun Anand, Reuters
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